Passport Assignment #4

The presentation on Thursday night was based on the importance of establishing credit and the ways in which one can gain a high credit score. The Regions Bank representative explained to us how we should go about this. He stated that we need to get a credit card and make payments on time in order to gain any credit score at all. My mentor elaborated on this by explaining that if we had more than one credit card we have a larger sum that we can work with if we are able to pay off that amount in a timely manner. Basically meaning if we have the means to pay off $10,000 worth of purchases but our card only allows up to $7,000 in credit, we could have two credit cards thus enabling us to have $14,000 credit while simultaneously helping our credit score. I personally have a credit card and have recently begun the process of making payments on time in an effort to establish some sort of credit as that is extremely important once I step out into the real world. http://money.cnn.com/2005/03/16/pf/creditscore/index.htm